HONG KONG (Standard&Poor's) Oct. 23, 2006--Standard&Poor's Ratings Services said today that it had affirmed its 'BBB+' insurer financial strength and counterparty credit ratings on Tokio Marine Newa Insurance Co. Ltd. (Tokio Marine Newa). The outlook is stable. "The ratings reflect the company's strong capitalization, satisfactory operating performance, and good position in auto insurance," said credit analyst Serene Hsieh. They also reflect its close relationships with its two major shareholders--the Yulon group (Yulon) of Taiwan and Millea Holdings Inc. (Millea) of Japan. These positive factors are moderated by a lack of business diversity and limited experience in commercial lines. Tokio Marine Newa benefits from Yulon's distribution network, through which it derived 33% of its business in the
